15 best options for small business bank accounts in PA

Where to set up small business bank accounts in PA

Discover these startup-friendly banking establishments ideal for small business owners in PA.  

PSECU

PSECU or Pennsylvania State Employees Credit Union is one of PA’s best options for small business bank accounts. It offers 24/7 digital-first banking services, giving entrepreneurs who may be traveling or working late security and convenience. 

Investors can instantly move money between shares and loans to other PSECU accounts or banking platforms. If you have a check, you can use the mobile deposit and send the money straight to your account. If there are excess funds, you can invest them into a business savings or money market account to earn dividends. 

PFCU

PFCU short for Philadelphia Federal Credit Union is run by local members and employees who prioritize people achieving their financial goals. The organization’s earnings return through lower loan rates and fewer fees. 

Small businesses can set up a free business checking account. There’s zero service charge, and up to 1,000 monthly transactions are free. Online and mobile banking can also help you automate bill payments for extra convenience. 

MCS Bank

MCS Bank is a state-chartered community bank that focuses on serving the home-financing needs of retail customers and the business necessities of small business owners. This establishment is most beneficial for sole proprietorships and nonprofit organizations. 

While online banking is available, MCS Bank stands out because of its loan options for small businesses. You can also get a line of credit with competitive rates for better financial flexibility while running your company. 

North One

North One is a financial technology company that works with The Bancorp Bank so customer deposits are FDIC-insured. Its business checking account is similar to a regular checking account, except with higher annual percentage yields (APY).

It’s perfect for tech-savvy entrepreneurs who prefer automating their financial management tasks. These functions are created with secure integrations, built-in budgeting, automated bill payment and other features. You can close your books faster in real time and enhance your productivity. 

Bluevine

Bluevine is another powerful financial technology platform that works with the Coastal Community Bank to stay insured. It also works with other program banks to get entrepreneurs the best rates, helping over 750,000 businesses in over 10 years of service.

Its interface is fully integrated, making business checking, lending and credit card accessibility easy. While deposits and withdrawal amount limits have a set amount, you can get unlimited transactions and no monthly fees. The standard plan is free, which is ideal for startups. However, if you want extra perks like ACH positive pay — a service for fraud prevention — you can upgrade to the Plus account. 

Truist

Truist is a financial service company that serves clients in high-growth markets throughout the country. Aside from small businesses, it also helps those in retail, mortgage, commercial real estate, wealth management and more. 

A new business checking offer allows small business owners to earn up to $400 with select accounts. You can also take advantage of Truist’s savings and business life cycle planning, which aims to curate long-term success for your service. 

S&T Bank

S&T Bank is a people-first banking assistant operating for over 122 years. It provides various financial services to help organizations succeed, such as treasury management and a cybersecurity ebook. It also offers a business succession plan so you can conveniently pass on the family business to the following generation. 

If you want to focus on investing, S&T Business Credit can help you turn your assets into flexible credit solutions. You can use the extra funds as working capital, management buyouts, or help for expansions or restructuring. 

Customers Bank

Customers Bank is another option for small business bank accounts in PA that’s community- and growth-focused. With advanced technology solutions and knowledgeable bankers behind the scenes, you get a personalized customer experience that fits your business needs. 

This bank’s checking accounts are designed to grow with your company. From the start, you can look forward to unlimited check writing and convenient online check deposits. Those with a balance of $100,000 may get up to 0.35% APY. 

Axos Bank

Axos Bank helps small businesses easily set up a bank account for industry-related transactions. You can explore all bank accounts, from checking and savings to certificates of deposit and money market accounts. Most accounts require no monthly maintenance fees, helping organizations get on their feet. 

Small business banking accounts are already equipped with user-friendly tools, and you earn up to $200 as a welcome bonus. Axos Bank has also expanded FDIC insurance by up to $265 million, so you can ensure that your money is in safe hands. 

Fulton Bank

Fulton Bank has been working since 1882 to deliver the ideal banking experience to customers. Its financial products and services cover Pennsylvania, New Jersey, Maryland, Delaware and Virginia, with over 230 financial centers and ATMs. 

When it comes to small business banking, there are many accounts you can use, such as checking, savings and credit. There are also services such as Health Savings Accounts and Retirement Plan Services for entrepreneurs preparing for the future.  

U.S. Bank

U.S. Bank is a great option if you prioritize low to no fees at your preferred financial institution. You can set up a checking account at no charge and use in-network ATMs to transfer and withdraw funds. Physical branch locations are strategically located throughout Pennsylvania. 

U.S. Bank aims to migrate to digital banking for small businesses that seek added convenience. Over 80% of transactions and 65% of loan sales are arranged online. There are also cash management, payroll services and other features available for simple business management.

Citizens Bank

Citizens Bank is recognized as one of the pioneer financial groups in the nation. It realizes the potential within communities and empowers people to see where their skills and interests can take them with different financial solutions.

Small business owners are encouraged to open a business checking account. No minimum monthly balance is needed, and you’re free from monthly maintenance fees. You can also leverage digital invoicing and payments with its online and mobile banking platforms. 

Lili

Lili is a financial technology company ideal for the self-employed and entrepreneurs who want to manage their business finances more effectively and scale up their operations. There are also team access features for smaller companies that want to collaborate and delegate financial tasks. 

Whether you’re applying for a business account, a Lili Visa Debit Card or both, Lili’s encryption technology and multi-factor authentication prioritize security. If you want to maximize your earnings, the savings account can get up to 3% APY over time. Special discounts are available for new customers. 

PNC Bank

PNC Bank is a financial service provider that works with everyone from individuals and small businesses to corporate and government entities. It has more than 2,200 branches and 50,000 ATMs across the country.

Startups can use online and mobile banking channels when applying for a business checking account or credit card or exploring merchant services and loans. You can earn up to $400 when opening a new account.

Penn Community Bank

Penn Community Bank has proudly worked to grow the local economy and communities in the past 150 years. It has created over 25 banking centers to help individuals and commercial customers grow. 

Small businesses can set up a checking, savings or money market account. All accounts include a Visa debit card, online and mobile banking access, overdraft protection options, and complimentary financial education opportunities. The basic plan is ideal for those with lower balances and checking activity. 

What to consider when browsing options for small business bank accounts in PA

Knowing the best options for small business bank accounts in PA is a vital step. Here are some essential features to help you assess which financial institution is right for you and your small business. 

• Introductory deals: Most banking platforms provide small business bank accounts with incentives, such as higher discounts per transaction. Check the terms and conditions of how long these perks would last. 
• Interest rates: If you want a small business loan, it’s best to check the approximate interest rates. Some banks may provide lower percentages, while others may be more flexible by giving an adjustable-rate clause. 
• Processing and transaction fees: Small businesses will likely have a transaction-heavy cash flow. Starting a small business bank account with minimal processing fees is ideal.
• Minimum required transactions: Some banks require a minimum number of monthly transactions and a minimum monthly balance. To avoid penalties, assess the compatibility of those terms with your business’s progression.

Conclusion

Remember that as your business evolves, your banking needs may change too. Many Pennsylvania entrepreneurs find success by starting with a simpler account and upgrading as their business expands. Don’t hesitate to schedule consultations with several banks from our list to discuss your specific situation and discover which institution truly understands your business vision.